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IN RE LANE

No. 83-7451.

742 F.2d 1311 (1984)

In re James A. LANE, Bankrupt. Frances B. LANE and James M. Gaines, as Trustee of the Bankrupt Estate of James A. Lane, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Eleventh Circuit.

September 27, 1984.

Attorney(s) appearing for the Case

Ben L. Zarzaur, Harry B. Maring, Birmingham, Ala., for plaintiffs-appellants.

Frank W. Donaldson, U.S. Atty., Caryl P. Privett, Asst. U.S. Atty., Birmingham, Ala., Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup, Chief Appellate Section, Carleton D. Powell, Melvin E. Clark, Jr., Dept. of Justice, Tax Division, Washington, D.C., for defendant-appellee.

Before KRAVITCH and HATCHETT, Circuit Judges, and MORGAN, Senior Circuit Judge.

HATCHETT, Circuit Judge:

In this tax refund case, we decide that advances from a shareholder-taxpayer to several corporations did not constitute debt, deductible under 26 U.S.C.A. § 166 (West 1978). We affirm.

Background

James A. Lane, the taxpayer, is involved in the real estate business. In 1961, Lane acquired the Parliament House property in Birmingham, Alabama, and operated it as a hotel until...

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